This sure would beat a cd at a bank even if it comes with a free toaster (which I could use).

Louis, Missouri.I'm a former pro hockey player, and I dabbled in real estate each off season to keep myself busy.

Having said that, I agree with most of the other replies in that L.A. has an extremely high cost of living, California is not a business friendly or a landlord friendly state, and the real estate investing competition is extremely high as well (for both small time and big time players) .

Who are the big players in the neighborhood REI-wise?

Some investors are happy with a 5% return (it's better than a CD and most likely very safe) some wouldn't look at a deal unless it had 18% in big red numbers written across the top.

I brokered my first 3-player deal!

I have used www.rentalsoftware.com for years and years and it does everything I need.It is created by a CPA and investor that has been in the business for decades.I paid a one time fee of about 100 bucks when I bought it and it came with the CD.

He is a real player in my market and I am sure to work with him again.

If that amount of time is less than 2-3 months, you're probably best to stay ultra-liquid, meaning a savings account or money market account.If that amount of time is likely 4-12 months, you're probably best to use a short-term CD (though I'd still leave it in a savings account).If that amount of time is likely 12+ months, that's when you can start considering alternative investments.

So I will ask my head underwriter on this to see if we can use the subject rental as the sole source of income.In theory, it should work assuming you have $0 other monthly obligations, but you will need 6 months reserves for the subject property PITIA so about 5400 in cash/stocks/bonds/401k/etc (we count 60% of retirement accounts 401ks/IRA's and 70% of non qualified plan stock/bond/portfolio accounuts) or 100% of cash like assets like CD's/cash/money markets etc.Hope that helps